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Barcode slashes re-reg time

Cofunds is offering a new set of IFA tools which it says will significantly speed up the consolidation of client assets on to the platform and eliminate admin errors from the process.

The new tools will allow bigger IFAs to move client assets in bulk using prepopulated data forms. Once the client signs the forms, they are barcoded and processed straight through the Cofunds’ system, eliminating the need for manual data input.

Spokesman Richard Eats says the system has taken three years to develop and will eliminate admin errors in the consolidation process that could otherwise be as high as 25 per cent due to the lack of any need for manual data input.

Smaller IFAs can be provided with a disk containing a software package which offers a comprehensive set of user guides which are backed up by telephone assistance.

Eats says the new consolidation process can be performed either in bulk, as part of a portfolio review, or directly from a fund mana- ger to Cofunds, provided that the fund company uses the IFDS back-office system.

He says: “The old system of consolidation could take up to 10 months to complete. This process can take bet- ween two and 10 weeks depending on whether the fund manager has IFDS.”

For bigger IFA firms Cofunds has a specialist team working with the advisers to train staff and take them through the process.

Chelsea Financial Services managing director Darius McDermott says: “We have been doing re-registration for three or four years now. The barcoding on this product massively reduces error rates and also speeds up the process to between two and six weeks.”

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